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Requirement for Virtual Asset Providers to register with FSMA qs of May 1, 2022

Targeted crypto providers

On May 1, 2022 the following crypto-asset service providers (called "VASP" - Virtual Asset Service Providers) must register with the FSMA (the Belgian financial supervisory authority):

  • Currency exchange providers between crypto-currencies and legal currencies;

  • Private cryptographic key custody wallet providers (“wallet providers”);

  • Providers of crypto-asset ATM machines;

 

Conversely, issuers of crypto-assets[1] or exchange service providers between different forms of crypto-currencies are not required to register. In addition, provided that they are not responsible for the services provided on the ATM machines, the following are also not covered:

  • The operators of the premises where the ATM machines are installed;

  • ATM machine maintenance technical service providers.

 

We also remind that the following service providers are prohibited from conducting, in Belgium, exchange services between crypto-currencies and legal currencies:

  • Service providers governed by the law of a third country in the European Economic Area;

  • Natural persons.

If you find yourself to be in one of those cases and you carry out or plan to carry out activities in Belgium, you must set up a business in Belgium and submit an application for registration to the FSMA.

 

Overview of conditions

To apply for registration with the FSMA as a VASP, you must be a company governed by the law of a Member State of the European Economic Area.

  • If your company is Belgian, it must take one of the social forms listed by the law (not an "SRL") and have a fully paid-up capital of at least €50,000.

  • If your company is incorporated in another Member State of the EEA, you must establish a central administration in Belgium (where the company will be effectively managed and where the supporting documents will be made available to the FSMA).

    • If you are a foreign service provider with ATM machines on the Belgian territory, you must designate a central point of contact in Belgium (this will be the person who will ensure compliance with the anti-money laundering law).

Company managers must also demonstrate expertise and professional integrity appropriate to the performance of their duties.

The FSMA is also particularly attentive to compliance with the Belgian anti-money laundering law by applicant companies.

 

Cost

Registration with the FSMA entails:

  • A one-off fee of €8,000 per status for examining the application for registration – whether the application is accepted or refused;

  • An annual contribution of €8,000 per status once registration has been confirmed.

 

Penalties

Failure to register with the FSMA is punishable by a criminal fine of €50 to €10,000.

The deployment of illegal activities by your company also carries the risk that it appears on the “black list” of fraudulent companies published by the FSMA.

 

Time limit

The legislator has granted service providers a period of time to prepare their application file: they may temporarily continue their activities after 1st of May, while the FSMA examines their application for registration. To benefit from this provisional authorization, you must:

  1. notify the FSMA of your activity by July 1st, 2022;

  2. and submit a complete registration application file to the FSMA by September 1st, 2022.

 

We assist you in compiling your application file for the FSMA and in the procedures for your registration with the FSMA. You can consult us for a more detailed description of the conditions to be met and the documents required. 

 

Anna Susarova

Associate lawyer

 

Marie-Ferret

Lawyer specializing in technology law

 

[1] i.e. a legal entity that offers any type of crypto-assets to the public or requests the admission of these crypto-assets to a crypto-asset trading platform (Article 3 of the MiCA Regulation )

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